Following a day where Papa John's pizza founder John Schnatter admitted to using a racial slur during an internal conference call in May, he submitted his resignation Wednesday to the University of Louisville's board of trustees where he was a prominent booster.

Louisville board of trustees chairman J. David Grissom released a statement Wednesday announcing that Schnatter would step down.

JUST IN: After word circulated that (Papa) John Schnatter used the “N-Word” in a conference call, he has just resigned from the Louisville Board of Trustees. pic.twitter.com/sUxqYlhFjd

"After speaking with John, I'm confident that his comments, while inappropriate, do not reflect his personal beliefs or values. No member of the board of trustees condones racism or insensitive language regardless of the setting," the statement read, in part.

"John has tendered his resignation from the University of Louisville board of trustees effective immediately. The board appreciates his 2 years of service and thanks him for his generous support for so many years."

Just hours before Schnatter's resignation was announced, Louisville National Association for the Advancement of Colored People (NAACP) called for Schnatter to either step down or be removed from the school's board of trustees, according to the Courier-Journal.

It was also announced Wednesday evening that Schnatter resigned from the pizza company's chairman seat after he admitted that the reports of him using a racial slur were true. He apologized for his actions in a statement released through Papa John's.

"News reports attributing the use of inappropriate and hurtful language to me during a media-training session regarding race are true," Schnatter said in a statement released Wednesday, via CBSnews.com. "Regardless of the context, I apologize. Simply stated, racism has no place in our society."

Schnatter made headlines after Forbes detailed the incident in an article published Wednesday. The article stated: "On the May call, Schnatter was asked how he would distance himself from racist groups online. He responded by downplaying the significance of his NFL statement. 'Colonel Sanders called blacks n — s,' Schnatter said, before complaining that Sanders never faced public backlash."

Schnatter remains connected to the University of Louisville through Papa John's Cardinal Stadium. The deal, which runs through 2040, is with Schnatter himself and not the Papa John's brand, but if Schnatter leaves the company he can rename the building, according to ESPN.